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Sunday, October 16, 2016

Weekly Wrap

US stocks selloff this week, DJI, SPX and COMP all hit their respective key support levels, as shown in below weekly charts. Uptrending has been well intact so far.

In Asia, Shanghai rose 2% this week, reclaimed 3000 level. It has been hovered around 3000 level for more than two mths so far. Bullish sign for bulls as long it can hold above this key level.

STI was sell-off hard this week, hit three month new low of 2783 and managed rebound just above 2800 key support level. It just closed beneath its main ascending line as shown in below weekly chart. See if it can rebound in coming week, immediate support level is 2800 then 2780.

HSI sold off this week as well, lost 2.6% to 23233, hit six-week new low marginally, it has been in consolidation for six weeks as well. Curently at upper channel line(resistance).

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